Diego, Karen & Rodrigo Balcazar
RE/MAX Escarpment
Languages
- English
- Spanish
Specialties
Business Opportunities, Buyers, Condominiums, Downsizing, First Time Buyers, First Time Sellers, Investments, Multi-Family, New Builds, New Construction, Relocation, Rentals, Residential, Sellers
Locations
Ancaster, Brantford, Burlington, Caledonia, Dundas, Grimsby, Hamilton, Milton, Niagara Falls, Niagara-on-the-Lake, Oakville, St. Catharines, Stoney Creek, Thorold, Waterdown
2024 Sluggish sales and rising inventory persisted through August
Sluggish sales and rising inventory persisted through August Prices ease, and supply choice improves Hamilton, ON (September 3, 2024) – The Hamilton real estate market maintains recent trends, as sales continue to slow and inventory levels rise. August sales slowed to 690 unit...
Sep 03, 2024
Sluggish sales and rising inventory persisted through August
Prices ease, and supply choice improves
Hamilton, ON (September 3, 2024) – The Hamilton real estate market maintains recent trends, as sales continue to slow and inventory levels rise. August sales slowed to 690 units, contributing to the year-to-date decline of seven per cent. When we compare the market to long-term trends, sales are down across all areas. Burlington continues to report the tightest market conditions in the region.
“There is more inventory than we have seen in recent years, which provides prospective buyers with flexibility and choice. We are seeing many hopeful buyers continue to wait for interest rates to come down as they are predicted to do. Now is a good time for buyers to take advantage of the increased opportunities. When interest rates come down, there could once again be a strain on inventory,” says Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area.
New listings have remained relatively consistent with long-term trends. However, listings are being met with slower sales, resulting in inventory levels above both last year's and long-term trends. A surge in inventory relative to sales has caused the months of supply to rise to four and a half months, reflecting the highest level seen for August since 2010. Higher inventory levels compared to sales have placed downward pressure on home prices.
In August, the unadjusted benchmark price stood at $840,300, down over last month and over two per cent below last year's levels. The steepest price decline is occurring in the oversupplied apartment condominium sector.
